Endomines - First production figures in
Endomines’ gold production amounted to 326.1oz. Head grades were at a low level of 2.9g/t due to the milling of pre-production development material. Near design capacity at Friday is now sought to be reached in Q4, with the COVID-19 pandemic having caused delays. Q2 revenue amounted to SEK 7.5m (Evli 9.0m) and EBITDA to SEK -17.5m (Evli -20.6m).
- Endomines made its first shipments of gold concentrate from the Friday mine during Q2.
- Revenue* in Q2 amounted to SEK 7.5m, with our estimates at SEK 9.0m. Gold production amounted to 326.1oz, with a head grade of 2.9g/t. Gold concentrate was produced from pre-production development material, thus resulting in low head grades.
- EBITDA* in Q2 was at SEK -17.5m, slightly above our estimate of SEK -20.6m.
*Figures not reported, derived from Q1-H1 figures - At the processing facility at Friday Endomines was able to operate at an average rate of 41.1 tonnes per day. Ramp up to design capacity (3,445 tonnes per month) continued. The COVID-19 pandemic has continued to severely impact production ramp-up due to supply chain disruptions and slowdowns in hiring. Endomines now expects that near design capacity could be reached towards Q4 (previously expected in Q2).
- Endomines did not give any numeric production guidance for 2020.
- Endomines sees interest in investing in the decline at Pampalo at current all-time high gold prices.
- Liquid assets amounted to SEK 3.4m at the end of the quarter.